056: Buying Rentals in the Mainland from Hawaii with Dean Ueda

Dean Ueda is a full-time accountant who had bought rental properties in Chicago, Las Vegas, Denver, and his home state of Hawaii. Dean is in the process of buying a turn-key rental property in Milwaukee and hopes to go into real estate full-time. On this episode of the InvestFourMore Real Estate Podcast I talk to Dean about how he has found and bought properties from long-distance.

I also talk about how he recently acquired his real estate license and what his plans for the future are. Dean was born and raised in Hawaii and discusses the Hawaii housing market and why it is so tough to be a real estate investor in the state. Even though it can be difficult, Dean has purchased multiple houses in Hawaii and has done very well with his investments.

How did Dean get introduced to the world of real estate?

When Dean was younger he and his girlfriend decided to move in together. They thought buying a house would be the best way to complete that task. Dean purchased a town home and although the relationship did not work out, buying real estate did in a big way. Dean sold his town house for a huge profit five years later and paid no taxes on that profit, because he had lived in the property. Dean was able to use that money to buy another house and start investing in real estate as well.

Why did Dean buy properties in so many different locations?

Dean loves Hawaii, but housing prices are very high in the state. He has bought investments in the state for appreciation, but it is very hard to cash flow. Dean wanted to diversify his investments so that he was not banking everything on appreciation and decided to buy in different markets. He loved to go to Las Vegas, so he thought that would be the perfect place to buy another rental.

Dean found a Realtor through help of a friend in the area and found a Fannie Mae Home Path foreclosure. When he bought the house, Fannie Mae was still offering 10 percent down investor loans with no appraisals required. Dean took advantage of this program and bought a town house for $140,000 that he rented for $1,300 a month. He was happy with the deal especially when it increased in value $90,000 in a couple of years. Dean ended up selling that rental and using a 1031 exchange to buy a property in Hawaii. Properties in Hawaii are a little different. The rental he bought in Hawaii was purchased for $305,000 and rents for $1,750 a month.

Where else has Dean bought rental properties?

Dean has bought a property in Chicago that was $145,000 and rents for $1,600 a month. That cash flow looks great on that one, but Dean warns that property taxes in Chicago are very high and eat into the cash flow.

Dean bought a property in Denver, because his family loves to snowboard, however it did not cash flow well because of the high property values in Colorado. He held that property for a short period of time, but sold it so he could better use the money he had invested in it.

Dean is in the process of buying a turn-key rental property in Milwaukee as well. This property he was able to buy for $70,000 and hopes to rent it for $1,050 a month.

What are Dean’s future goals?

Dean wants to continue to buy rentals and is getting his real estate license. Dean is planning to sell his personal residence in Hawaii and figures he will save about $20,000 by having his real estate license on that one transaction. Dean would also like to use his license to buy more investment properties in Hawaii and possibly help other investors buy properties as well.

For rental properties Dean has looked at buying multifamily properties in Ohio and plans to buy more turn-key properties as well. Eventually he wants to replace his income from being a CPA with real estate, so he can focus all of his energy on investing or being an agent.

[0:00:58.0] MF: Hey everyone, it’s Mark Ferguson with InvestFourMore. Welcome to another episode of the InvestFourMore Real Estate Podcast. I have a great guest on for this show. Dean Ueda, I’m hopefully pronouncing that name right. It’s spelled Ueda, so I had a little tough time with that one. He is from Hawaii, which I think is very interesting seeing how he is invested where real estate market is very tough to invest in because of prices.

But he’s got properties in Chicago, Las Vegas, Hawaii, he’s had properties in Denver and then he’s looking to invest in Milwaukee as well. Along with being a real estate investor, Dean is a full time CPA and he just got his real estate license. So we’re going to talk with Dean, see how he’s been successful investing from Hawaii, what his plans are and hopefully we can all learn a little bit.

Dean, thank you so much for being on the show, how are you doing?

[0:01:52.6] DU: Good, thank you for having me Mark, I appreciate it.

[0:01:55.2] MF: No, thank you for being on the show. You’ve got a few rental properties now and you’re a full time CPA. I’m curious, were you always interested in investing in real estate or did that come on later in life? What first got your attention with real estate?

[0:01:55.2] DU: I guess it all started back in, I think it was 2003. My girlfriend at the time wanted to moved in together and we both were living with our respective parents and so I was cool with it but the deal was that either I would buy or she would by. I didn’t want to pay some stranger’s mortgage, I would be willing to pay hers, or help with her. So we both got prequalified and I guess I felt more comfortable with the process in the purchase process. I ended up getting a place and we were living in it for a while.

Then fast forward five years later, we ended up splitting up but it was time for me to move on and I wanted to upgrade to a full house. So I worked with my same agent that I bought with and we listed again and I realized how much the place had appreciated in five years, it was amazing. So just even the idea, I picked up the place, small, two bedroom, two bath condo, picked it up for I think $205,000 and ended up selling it for $385. So that was like 88% tax free gain, right? I think that’s what made me realize the appreciation side of real estate and how that can help be a very good wealth builder.

[0:03:36.7] MF: Yeah, for sure. I think that much money on your first house you buy would be a definite eye opener and then you mentioned one thing that’s really key too is you’re an owner occupant, so you live there so you didn’t pay any taxes on that money either, which is just a massive advantage with buying a real estate. Very cool. Did you take that money and by more? What did you do after you sold that first one?

[0:04:00.9] DU: Yeah, so I ended up picking up, buying a house, a larger house in the similar area and that one I have right now and I’m actually thinking of selling that one. With that said, yeah, that’s why as we talked earlier, I did get my real estate license thinking of leveraging that to save on commissions.

[0:04:21.9] MF: Right, nope. That makes sense, and we’re going to get into that soon but before we get in to that too quick, you’ve got houses in Hawaii, Chicago, lass Vegas. How did you end up buying properties all over the country? Was it because prices are so high in Hawaii that you kind of moved out of different areas?

[0:04:40.1] DU: Yeah, that’s exactly it. I mean it’s really hard without a really big down payment to make anything cash flow in this state. So as such, around 2012 was my first real I guess investment property that ended up looking in Las Vegas. At the time, I was traveling and actually I was going to the Las Vegas a lot for fun with my friends. That being said, I was thinking Las Vegas would be a great place to buy investment property for the obvious tax advantages.

The funny thing was, I had a friend that had invested in Las Vegas and he had purchased right before the sub-prime prices. When I was talking to him about it, his investment was underwater. He was kind of telling me the situation and almost, not to say talking me out of it but it was a sad story. So I kind of pushed it off for a while and said, “Okay, well maybe let’s not look over there.”

Eventually, luckily one of my friends and old coworkers was investing in Las Vegas. A few agents had moved over from Hawaii over to Las Vegas and they were doing business there and they also had a property manager who had Hawaii ties and so my friend was telling me what he was getting and how it’s cash flowing out and I said, “Okay, well maybe it is time then.” So this is in 2012 and have you ever heard of the HomePath program?

[0:06:23.6] MF: Yes, with Fannie Mae?

[0:06:25.5] DU: Yeah. It was in 2012 and there was the HomePath had this really great program where first they would offer this foreclosed properties that were in the portfolios to the owner occupant’s, right? As for the first look for the first thee days and then it would go out to any one investors but the real appealing part to this program was that well one, you could — I think I could put 10% down, it was a 30 day closing turnkey period.

You didn’t have to pay for a professional appraisal for the financing and then they tried to make it as turnkey as possible and they did things like, they do a rekey for you and all these great things. I ended up taking up a three bedroom, three bath, 2,000 square foot place over in Anthem and $145K and I think the rent at that time was about $1,300.

So it was okay in terms of cash flow but I guess I got to luck out in this property too because when I in turn I wanted to sell three years later, it had gone up about $90,000. So I got that property and I decided that I wanted to bring it back to Hawaii, meaning I did a 1031 exchange basically and I brought the property back to Oahu is what I did.

[0:07:58.2] MF: That’s awesome. For those of you wondering, yeah, HomePath had a really awesome program for investors. Like you said, you could put 10% down, they were foreclosed properties from Fannie Mae. A lot of times they put in new carpet and new paint, did a lot of cosmetic repairs, however they no longer offer that program. They don’t do the 10% investor loans anymore.

It was really nice because they had already appraised the properties so you never had to worry about it not appraising, it’s a pretty sweet program. Unfortunately it’s not around anymore, which does us no good. So when you exchange that property into Oahu, what was the rental property like there in Hawaii?

[0:08:43.2] DU: Yeah, like I said, the markets — the prices here are pretty high. So I guess, like I said, at a three bedroom, three bath, 2,000 square foot, single family home in Las Vegas right? That was just for $235 and I brought it over to Hawaii, over to Kapolei suburb in Honolulu. So I paid $305 for that one and that’s a two bedroom, two bath townhouse that was renting out when I first had there for about $1,750. [Inaudible] he numbers I guess.

[0:09:21.6] MF: A little different, right?

[0:09:23.1] DU: Yeah.

[0:09:26.8] MF: Were you just thinking — are you thinking appreciation with that when you buy those? Just kind of long term investing?

[0:09:31.2] DU: Yeah, exactly. Basically I think, I’m talking to my Las Vegas agent, we kind of came to the conclusion that the Vegas prices might have petered out I guess, was at a plateau. With that said, I was thinking, “Okay, well, where could I bring it?” Well I guess I just said, “If I was to bring it back here and then maybe I could try managing it myself and save on management cost, and at the same time have more of an appreciation play than a cashflow play I guess.

[0:10:08.9] MF: Right. The cash flow is great, I always invest for cash flow. Appreciation is nice too but it’s tough to buy properties from out of state, especially across the ocean as far away as you are.

[0:10:21.2] DU: Yes, yes. That’s been a very big challenge for me especially now that I have an investment property in Hawaii. I’m looking, I have been, I’m looking for new property across the country basically.

[0:10:36.5] MF: Right. Now, you’ve bought one in Chicago too. How did you end up buying a property in Chicago?

[0:10:43.5] DU: So I guess what I was trying to do after — I looked at what was in my current portfolio and I said, “Okay, let’s try to see, put something with a little more cash flow. So I did some research online and cash flow — I mean Chicago appeared to be one of the places that had a good cash flow inventory. For that one I purchased it with a retail broker who also did property management.Their company did both.

Basically I went on to Yelp and I looked for a brokerage that did both sales and property management. I look for reviews that were good on both sides in terms of they had good tenant reviews and also good landlord reviews. Made a few calls to different — a few of those companies and the company stood out and I kind of lucked out because I ended up calling their mainline and the receptionist gave me to an agent, sent me to an agent who — he dealt a lot with investors, he also managed a small portfolio rentals too.

[0:11:55.3] MF: Okay, nice. What are the numbers like on that Chicago one?

[0:11:59.8] DU: Chicago one, so that one, I purchased that one, that one was actually a short sale. That was kind of fun from that standpoint. We really liked all the inventory, we had a few that looked good, I narrowed it down to three and I think the short sale was the third option. But the first two didn’t pan out and it was a short sale. That one I was — we picked up for $145 and it’s renting out for a little under $1,600.

[0:12:34.0] MF: Okay, nice.

[0:12:36.0] DU: That one is, it seems like the property tax in Chicago are relatively high. So the return isn’t as great but I think theoretically, we’ve picked that one too because of the fact that it was a short sale. So there was a little bit of forced equity in that.

[0:12:52.5] MF: Nice, yeah everyone I talk to in Chicago, the numbers look really good but you have to factor in their taxes or like they’re 10 times higher than they are in Colorado. I don’t know how much higher they are than Hawaii but it’s really high.

[0:13:05.4] DU: Yup, so that’s how I decided. It wasn’t as much of a cash flow play as I thought it would have been but I think the fact that we had that built in equity afterwards was more of the game plan for why I pulled the trigger on that one.

[0:13:22.0] MF: Right, that makes sense. Did you see that property before you bought it or were you just completely trusting the agent?

[0:13:28.2] DU: Actually I did get to see that property. I had gone up last august for a quick trip to some of the inventory up there, that was one of them that I got to see but because it was a short sale, we had — so we put in the offer in September of last year and it didn’t close to I think January of this year.

[0:13:49.9] MF: Yeah, with short sales, I’ve had some short sales I’ve waited over six months for to get but they’re well worth the wait.

[0:13:57.1] DU: Yes. I was very happy. Fortunately, that one was actually in pretty good condition, pretty close to turnkey. I ended up doing just a paint job, an inside paint job and everything else was good to go.

[0:14:12.7] MF: Nice. You have bought one in Denver too. Tell us about that Denver property you bought?

[0:14:19.3] DU: Okay, so Denver, that one I purchased in 2015 and the rationale for Denver was because my life and I like to snowboard. So prior to having my children, we were going to snowboarding once or twice a year. So similar to the rational for buying Las Vegas, I thought that Denver would be a good purchase. We could visit it for when we flew up for our trips, so we thought it would be great.

Denver, I had — my sister actually lived in Denver for a little while and so she had bought a house up there. So I actually started off by using her referral for her agent. So for the first week or so, I spoke to him and they didn’t really work out. I think he was more of a — he would have been perfect for someone like an owner occupant who was looking for another perfect place but from my standpoint, I was looking for more on the numbers standpoint.

Someone who could speak to the numbers, someone who had at least some kind of an idea of rent rates and being that at the time, now too I guess, Denver is and was booming in terms of the real estate market. So in my mind, I wanted a place that I could act on quickly, the agent should be able to put in an offer without me seeing it, being that I trust his judgment. So the first agent didn’t work out so well. So I had to let him go and pick up another one.

Agent number two was great. He could work with investors and had worked with investors a lot. He also could do property management. So that one I picked up a townhouse, three bedroom, two bath for $275 in Aurora, Cherry Creek area. So that’s 25 miles off east of downtown Denver. Unfortunately, I think I went about that process a little bit wrong. I guess hindsight being 20/20, I had gone into that purchase and I was kind of like, “Okay, what do I have available in terms of funds to spend?” And I was just going to spend all of it to buy investment property.

Not thinking, “Okay what are my long term strategies in terms of my total investment portfolio?” So after taking up that property and renting it out for a while, I came to the conclusion that I think I could get, at the time, I could have gotten something smaller, probably netted out the same monthly cash flow and basically get a higher return if I had gotten something a little smaller. With that said, and with the market going up, earlier this year I ended up selling the place and pretty much netting zero for a wash I guess with the intention of using the funds for other cash flowing investments.

[0:17:34.2] MF: Right. No that makes sense. Denver, Colorado me being here, it’s really tough to cash flow well here with prices so high. I imagine it’s the same kind of issue you run into in Hawaii. But if you’re going to invest that much money into a property that doesn’t cash flow well, you might as well do it closer to where you are than…

[0:17:51.6] DU: Yeah, exactly. That one would have been like more of an appreciation play too, but that was after Vegas and before Chicago. We’re living and learning, right?

[0:18:04.3] MF: Right, exactly. Then you're buying one more in Milwaukee. So that one I think is a little different property you’re buying. Tell us about how that one came into play?

[0:18:13.8] DU: Okay yes. So that, I guess it was after the Las Vegas, after Denver, after Chicago that I started doing a lot more research and finding out just about turnkey providers. I think that’s how I found you Mark. I think you had actually referred me to the company that I actually purchased with. Yeah, I started looking in the Midwest more.

I found out about these turnkey providers and kind of these providers that offer soup to nuts, where they’ll find a property that they will make into a turnkey condition and they’ll even put in a tenant and be their property manager for you. Of course, they’ll take their cuts, you have to pay them their premium, that’s understood. But at the end of the day you have a cash flowing property with a property manager that you’ve already vetted out.

[0:19:14.3] MF: Nice.

[0:19:15.8] DU: Yeah, so I was looking all over, I was looking, I still am actually. But I was looking in Indianapolis, Kansas City, Milwaukee, all over the place. At the end of the day, it comes down to trust. Who are you going to trust to take you all the way to the finish line? So this property that came out, and mind you, I was and currently am actively talking to a bunch of these providers because I’m still looking to increase my portfolio.

For this particular property, I was talking to the sales person for a couple — actually, I was talking to her for a month and I was going to go on a trip. Right before I left for the trip I found out that she was going to be leaving the company and so she handed me off to another person and I told the person that I’ll just wait till I come back from Japan where I was going for my vacation.

I come back and I touch based with my new sales person and try to get the trust for her again that I had got from the previous person to make sure that she’s sending me good inventory. So I got that trust from her and was working with her, we were talking about two specific properties. We were going back and forth, throughout the day via email considering these two different properties. I had to make a choice because she knew these were going to go.

So I believe it was about eight? It was late in the evening in Hawaii, which means he lies to 12 or one Milwaukee time, and so she had, I guess, was sending out her last email and she said, “Oh, you know, a knew property just came on their listening, and she said, “Here’s a little preview to one that’s going to come on tomorrow.” I looked at it and I was already comfortable with the way they ran their performers and their numbers and so looking at it for ten minutes I said, “Okay, let’s do it.” So I pulled that trigger on that one and we actually should be closing today.

[0:21:34.3] MF: Nice. Where are you buying that one for?

[0:21:38.4] DU: That one I’m getting for a little over $70k and the proposed rent rates are going to be all over, I think $1,050? $1050 was supposed to be the proposed rent rates they were going to get from that.

[0:21:54.5] MF: Nice, that’s not a bad deal.

[0:21:55.6] DU: So that’s more of — that’s what I was looking for in terms of a cash play yeah.

[0:22:00.7] MF: Cool. Now I’m curious, you’ve bought quite a few properties all over the country. Have you been financing them or are you paying for cash, how have you been managing the purchase of the properties?

[0:22:11.7] DU: Okay, so the first few I’ve been purchasing with my nice savings. They’e been financed for the most part. All of them have been financed, Milwaukee, I’m actually buying that one cash but I’m going to do a cash out ReFi as soon as I get a tenant in there. Utilizing a home equity line of credit on my residence now to help out for down payments and things like that.

[0:22:41.1] MF: Cool, well it’s not unusual when you're suing your personal residence or using even rental properties to do lines of credit, buy new properties, definitely a common strategy and just to kind of show how powerful real estate is even if you’re not buying investment properties. Sometimes your personal residents can be an awesome tool as well to get in to more properties.

[0:23:00.7] DU: I think I was lucky and you know, a lot of it was timing. But I was able to have that equity built up from that very first property that I purchased, you know? Then roll that equity into my current primary residence so that I think I benefitted from the timing of that.

[0:23:21.1] MF: Right. Yup. You benefited from the timing of Las Vegas and other places. But at the same time, you can kind of see, “Okay. Prices are abnormally low here after the crash,” it’s not luck that that all happened. There’s definitely some signals and signs that you can see to figure out what a good deal is.

[0:23:43.5] DU: It also helps with the great interest rates right now.

[0:23:47.0] MF: Yes, for sure, that makes a huge difference in what you can afford and then the equity you pay down as well, it makes a giant difference. Now, you mentioned something earlier about getting your real estate license, you just got it, I’m curious, are you thinking about replacing your full time job or are you just going to use that license for investing or selling your own houses?

[0:24:08.6] DU: I guess at this point it’s up in the air, I could go either way. I’d love to be able to pursue the state investing and sales full time. So at this point I had gotten it mainly because I was actually move and sell my primary residence in the next year or two. I got that for the savings and commission. But as I’m doing my research on this properties, talking to people like you and coming to realize how much I enjoy this field I guess. So I’m considering it but with that said, I’m trying to plan out how I would replace my W2 income and if they’d be cash flowing investments plus my real estate sales. That’s the challenge right now is to see, “How am I going to make ends meet especially with my two young ones?”

[0:25:05.0] MF: Right, that’s always a concern. Plus, if you’re buying more investment properties, trying to qualify for loans, it makes it a lot tougher when you switch careers as well.

[0:25:14.3] DU: Right. I also like the fact that in my mind, I’m building wealth this way and I’m also diversifying my investments. I hope that I can help out people who are in situation like me. Having a W2 income, being an employee, we are already invested in the market right? If you have your 401(k) plan or a lot of times traditionally, those are invested in the stock markets in mutual funds or what not.

Having risky investments is a great way to diversify your portfolio in my mind too. I’d love to try to help out people out to be in a situation like me or even better.

[0:26:01.0] MF: Yeah, it makes sense. I think you have a unique advantage too being in Hawaii, kind of all the reasons we talk about why it’s hard to invest there. If you could kind of be an agent who helps people invest there, do what you’ve done by investing in different markets. That I think would be an opportunity as well because I’m sure there’s a lot of people who would love to invest in real estate in Hawaii but don’t want to spend — I mean I I don’t even know what the median price there is. I’m sure it’s pretty crazy.

[0:26:29.4] DU: Yeah. For me, I don’t mind sharing my numbers to show them that the proof is in the pudding so I can show them, “Okay, this is what, usually the kind of numbers you’ll get if you invest in Hawaii, look at what I have and his other stuff that you can — opportunity is a trusted nation fi you’re comfortable to do so yeah?

[0:26:49.9] MF: Right, exactly. For people who are thinking of agents. If you are an agent in Hawaii, you can’t really sell real estate in any other state but you can always refer people to other agents and get a referral fee. There is definitely business opportunities by using that license.

Very cool. You had mentioned before too when we were talking a little bit. You're kind of in the process of looking for a broker right now. Are you looking for kind of an investor friendly broker or someone to do more training? What are your thoughts on that?

[0:27:21.7] DU: That’s exactly my conundrum right now is well first of all, finding a broker that is willing to take part timers is one and to then also looking to see what kind of training is being provided by these brokerages and then not only the formal training but also informally because like you said, there’s some brokerages that may not have this formal training but maybe they deal with more development or things that I might not be able to learn in a classroom but just seeing, surrounded by people to absorb and broaden my horizon and not just thinking about single family homes looking at hotel development, that kind of stuff. So I am currently shopping around to see what great match for me I guess. I haven’t fully decided yet but I’m actively looking.

[0:28:22.4] MF: Nice, very cool. I’m curious now. You want to use your license to possibly buy your own personal residence, sell yours. Are you looking to invest in more properties in Hawaii as well?

[0:28:34.0] DU: At this time, I’m probably not right now. I’m still looking in the mainland now I think. With the goal of trying to move over to full time sales and investing for real estate. I think I’ll need more cash flow intake properties in my inventory.

[0:28:52.5] MF: Right. Speaking of that, do you have a goal for how many properties you want eventually or are you just kind of buying them as you can or do you have a certain end number in mind?

[0:29:02.2] DU: I knew you were going to ask that question too. I couldn’t think of a specific amount. I just know that realistically if I want to be full time investor and real estate sales. I’d want to try to at least match my after tax, W2 income. I guess that would be my goal for this investor side.

[0:29:26.6] MF: Yup, that makes sense. People have all types of different goals, it doesn’t have to be a certain amount of properties. That’s a great goal if you ask me of having a specific number. Income number of what you want to replace. That sounds great as well. That’s probably even better than having a certain number because you can have a hundred properties who don’t make anything, that doesn’t do you much good.

[0:29:50.1] DU: Right. At this point I can’t have the money — or my investment or my equity just sitting there for the long term or stuff anyway.

[0:30:00.8] MF: Right, are you planning to stay in Hawaii? Any plans to venture somewhere else or do you want to stay there?

[0:30:08.5] DU: At this point I think we’re going to stay here, yeah. My roots are here, family and friends are here so we’re going to stay here for the long haul.

[0:30:18.7] MF: Okay. That makes perfect sense. Very cool. I’m trying to review some of our notes. I’m curious, do you have — I mean is the whole real estate license where they find brokers at, your biggest question right now or do you have other concerns and things that you're trying to figure out as far as the investing side?

[0:30:36.3] DU: everything I’ve done so far is all a single family. I’m kind of interested in looking at more different types of inventory like multi taxes, my understanding is those have great cash flow potential too. At the same time, there might be trade house with the cap X and in a different maintenance. I want to venture out more towards of course main land purchases but looking more towards the multiplexes, complexes for investments. I think that’s where I’m heading and where I have the most amount of question.

[0:31:13.0] MF: Okay, no it makes sense. I mean I have always loved single family personally just because in my area, cash flow is better than multifamily which is not like most areas. Usually it’s the other way around. There’s just a bigger seller pool if you want to sell the house, you’re not dependent on other investors. If you got a four plex, you’ve got four different tenants, four leases. I mean, if you get the right multifamily property that just blows the water out of single family properties for cash flows, then I think it probably makes sense or if you get into the bigger complexes and different things.

So definitely some opportunities there but I hear some people that they want to get into the multifamily just to get into multifamily but I would say,”Make sure you look at the numbers and you’re not doing it just to say you have a multifamily property, that actually makes sense.

[0:32:05.8] DU: Just to your point, it’s a whole another animal because I think once you get tasked with four units, now you’re talking about commercial lending?

[0:32:13.3] MF: Yes, for sure. Anything over four definitely commercial and at the point you're at with the properties you have, it would probably be tough, you might have to go commercial even if you do less than four depending on the lender you're using but yeah, definitely a little trickier to finance as well.

All right. So have you looked at different areas for multifamily or is that kind of just some point you want to invest in them?

[0:32:37.3] DU: I’m looking in Columbus right now. Ohio, that’s the only spot that I’m looking for it but I’m open to paying you like all my previous purchase. I’m open to anywhere that makes financial sense. Yeah.

[0:32:52.3] MF: That makes sense. You definitely diversified your location, that’s for sure. Very cool. Well, I’m just looking back here, I’m trying to see, you got your house in Chicago, Denver, buying one in Milwaukee, the Las Vegas property, your Hawaii properties, possibly looking to Columbus, you’ve done very well. Have you ever thought about flipping houses or are you just strictly on the rental side? THat’s an avenue I wouldn’t pursued and it’s more so because I think if anything else, I was going to consider it doing it locally and my understanding that there’s a lot of people out there with a very limited inventory trying to do that over in down here.

Again, that’s something I’m totally open to, I just haven’t looked into it more closely and some due diligence to see but yeah, if you have any —I’d love to talk to you about it if you have opportunities.

[0:33:50.1] MF: I would just say, “You know, if you’re getting your license, if you get in to that field of the investment world, it makes it easier to find some of those deals to keep your eyes open and look for opportunities. I would just — it’s just something that sometimes they come along when you're not expecting them, so don’t be afraid to be ready for one if you find it.

[0:34:11.0] DU: Sounds good,. Yeah, I’ll definitely keep my eyes open and my mind open.

[0:34:16.6] MF: Yup, exactly. Very cool. Well, I think we’ve gone over quite a few things, do you have any specific questions for me or anything you want to know about from my side?

[0:34:28.4] DU: I’ve listened to a few of your other podcast in trying to prep for this and I know you had courses for like not leadership I’m sorry, but a few of the other callers or guests have been taking courses from you, I think I’m going to go looking for that, nothing specific but I was going to look in to that in terms of — especially on the real estate sale side. I’m going to pursue that full time. I think I’ll probably hit you up for those seminars or training. I’m not sure what those are called.

[0:35:00.5] MF: I’m always happy to talk about those if you bring them up but, yeah, I just have a couple of programs for the rental properties and one for real estate agents as well where we just set them up as kind of a video training plus guide, plus email coaching with me and we do conference calls twice a month basically where I do a short little presentation and do question and answers on anything anybody wants to talk about.

So those are setup to really teach how to be a great agent, how to invest in real estate. Yeah, I mean I highly suggest them, recommend them of course because I created them. I’m just a little bias but we have a good time, we have some Facebook groups and stuff. So I try and deliver as much value as I can with those. They’re not abnormally expensive like some of the other real estate training out there.

[0:35:54.2] DU: Sounds good. Yeah I will definitely can see those, talk to you about those later.

[0:35:56.5] MF: Cool, yeah, for sure. Well, Dean, thank you so much for being on the show, I really appreciate you talking about your investments, how you’ve bought properties form Hawaii in the mainland as you say and also in Hawaii, getting your license, kind of cool how just buying a house, your first house really opened your eyes to the wonderful world of real estate. So I think a lot of people get that. Hopefully it happens like it did with you and you don’t buy the top of the housing and then it crashes.

[0:36:28.8] DU: Yeah.

[0:36:30.2] MF: Thank you so much for being on the show, anything else you want to add before we head out of here?

[0:36:34.3] DU: No, that’s it, I just want to thank you for allowing me to be on this podcast. Like I said, I’ve never done anything like this. So it was fun.

[0:36:44.3] MF: Cool, thank you for being on it and I’ve done a couple like this and it’s fun just talking to listeners and readers and seeing what’s going on in your world and you’re not you know, a full time professional investor. Seeing how you’re working through things, I think will help people too who are in the same boat. So I appreciate you being on the show.

[0:37:01.4] DU: Thank you, same here.

[0:37:01.9] MF: All right, take care dean and yup, I’m sure we’ll talk soon.

[0:37:05.8] DU: Okay, see you. Bye.

[0:37:05.9] MF: All right, bye.


[ Inside Real Estate Investing ]
[ Inside Real Estate Investing ]